Valencia’s regional Ministry of Social Services, Equality and Housing has approved plans for rental subsidies of up 50 percent.
This comes amid skyrocketing rental prices in the Mediterranean city, with average rents in many districts up by more than 20 percent in a couple of years.
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The aim is to improve access to a home or room for people with limited financial means who wouldn’t otherwise be able to afford it. The funding will be included in the regional authority’s ‘State Plan for Access to Housing 2022-2025’ and will be available for two years — both 2024 and 2025.
In the 2023 scheme, 4108 grants were awarded for a total amount of over €18 million.
The money will be allocated on a competitive basis until the funds put aside for the scheme, the full amount of which has yet to be decided, runs out.
How much will it be worth?
Following the Ministry’s approval of the regulatory bases for granting the subsidies, which can be as much as €900, depending on several criteria, applications will open once the policy is formally published in the Official Journal of the Generalitat Valenciana (DOGV).
Generally speaking, in order to be eligible the total annual household income of those applying must be equal to or less than 3 times the IPREM. However, there are several different thresholds and criteria to consider.
IPREM stands for Indicador Público de Renta de Efectos Múltiples, and it’s essentially a government index used to establish the limits for state aid, as well as a base level income in order to qualify for certain types of visa (more on that below).
In 2024, the IMPREM is set at €600 or €7,200 per year in 12 payments and €8,400 in 14 payments.
READ ALSO: Visas and money: 10 things you should know about Spain’s IPREM index
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Who can benefit?
One of the main criteria is obviously income level.
The subsidy will be 50 percent of the monthly rent for those with income below the IPREM; 45 percent if the income is above the IPREM and equal to or below x2.5 IPREM; and 40 percent if the income is above x2.5 IPREM and does not exceed the maximum amount.
The subsidies will range from €650 to €900 per month for renting a property, and from €300 to €450 per month for renting a room. The amount will also vary depending on the municipality.
However, the subsidy will also be geared towards large families and vulnerable people. The limit will be x4 IPREM in the case of large families, people with disabilities and victims of gender violence and terrorism.
In the case of a large family or people with a disability of 33 percent or more, the threshold will be five times the IPREM.
You can read more about Spain’s disability scale here.
There are no details yet on how exactly to apply, but it’ll very likely be on this Valencian regional government website.
In order to apply, you’ll need a digital certificate or Cl@ve pin, as is the case for pretty much any administrative task in Spain.
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